Section 59 of the Income Tax Act

In cases of amalgamation, the computation of income should be done with reference to periods before and after the appointed day, not the date of court sanction. Amalgamating companies cease to exist in law upon amalgamation.

Interest earned by a cooperative society from deposits with cooperative banks and nationalized banks is eligible for deduction under Section 80P(2)(a) of the Income Tax Act. Such interest is considered attributable to the business of the cooperative society, especially when deposits are statutorily required.

An assessment order passed in the name of an amalgamating company, after the amalgamation has become effective and despite the Assessing Officer being informed, is void ab initio.

An assessment framed in the name of a company that no longer exists due to amalgamation is a nullity and cannot be cured by Section 292B. The assessment proceedings are void if notice is not issued to the transferee company.

Interest earned by a cooperative society on fixed deposits with a bank or co-operative society is eligible for deduction under Section 80P(2)(a)(iii) if it is directly linked to and attributable to the society's primary activity of marketing agricultural produce grown by its members.

Interest earned by co-operative societies on fixed deposits with banks and other co-operative societies is includible in their total income, unless it falls within the specific exemptions provided by Section 80P(2) of the Income Tax Act.